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The Closing Bell: Wall Street Extends Rally On U.S.China Trade Optimism
FYI: U.S. stocks rose on Friday as increased hopes that the United States and China would resolve their trade dispute lifted shares across sectors.
Wall Street moved higher after a Bloomberg report said China sought to raise its annual goods imports from the United States by a combined value of more than $1 trillion in order to reduce its trade surplus to zero by 2024.
The news followed a report on Thursday that U.S. Treasury Secretary Steven Mnuchin was considering lifting some or all tariffs imposed on Chinese imports. A Treasury spokesman denied Mnuchin had made any such recommendation.
With Friday’s gains, the three main indexes were on their way to a fourth successive weekly advance. A strong rally in January has put the benchmark S&P 500 index on track for its best monthly gain since March 2016.
The Dow Jones Industrial Average rose 336 points, or 1.38%, to 24712, while the S&P 500 was up 1.32% and the Nasdaq Composite added 1.03%. All three indexes ended the week up more than 2% and with gains of at least 10% since bottoming on Christmas Eve.
All eleven of The S&P 500 Sectors finished in positive territory.
